B2B Marketplace Ula Closes Series B Round with Additional $23.1M

B2B marketplace Ula has closed out its $87 million Series B funding round with an additional $23.1 million, bringing the total funding to $110.1 million, according to reports on Tuesday (Nov. 16).

The additional funding was led by Tiger Global and Flipkart co-founder Binny Bansal. The initial Series B funding in October was led by Tencent, B-Capital and Bezos Expeditions, Jeff Bezos’ investment firm.

See also: Indonesian Wholesale Marketplace Ula Secures $10.5M In Seed Funding

“The additional funding in our Series B round demonstrates continued investor interest and firm belief in Ula’s vision and mission,” said Nipun Mehra, chief executive officer and co-founder of Ula.

Mehra said the startup will use the opportunity to create a platform that “empowers” conventional merchants while also looking at the “traditional retail industry” in a new light.

“As we move forward, we will continue to take a customer-first approach to address underlying problems with technology,” Mehra added.

Read more: 64% of B2B Firms Plan to Increase Their eCommerce Investments

The fresh infusion of capital will be earmarked for expanding into more regions, launching additional products and services, and recruiting new talent to grow its workforce.

The company plans to focus on retailers in “tier 2 to tier 4 cities” and will further roll out its buy now pay later (BNPL) products to its customers. Artificial intelligence (AI) will also be incorporated to assist merchants in improving business management.

Prior to this funding, Ula raised $10.5 million in a June 2020 seed round and $20 million is a January Series A. Including the Series B, the startup has raised $140.6 million to date. The company said it has grown 230 times since its launch in January of last year, and it currently offers over 6,000 products and serves more than 70,000 traditional retail stores on its platform.

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